BOOM IN COTTON.
WORLD SHORTAGE PREDICTED
AMERICAN ESTIMATE.
Australian and N.Z. Cable Association (Reed." 5.10 p.m.) WASHINGTON, May 8.
The Department of Commerce has issued an estimate of the existing world stocks of cotton, indicating that when the year ends on July 31, there will be carried over for the following year only half as much cotton as was carried over on July 31, 1922. This is due to increased world consumption. There was available for the current year 27,291,000 bales and the world consumption in the first eight months totalled 15,281,000 bales. Thus if consumption continues at the same rate the last four months' consumption will total 22,921,000 bales, and there will remain for the following year 4,370,000 bales, as compared with 9,536,000 bales in 1922. . V •
The American carry-over of stocks in 1922 was 5.123,000 bales and it is estimated that the carry-over of stocks . this year will be only 1,529,000. The Department points. out that this indicates that the world faces a serious shortage of cotton. : This estimate caused great excitement on the New York cotton exchange, prices going up four dollars a bale within a short time.?,
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Bibliographic details
New Zealand Herald, Volume LX, Issue 18395, 10 May 1923, Page 7
Word Count
191BOOM IN COTTON. New Zealand Herald, Volume LX, Issue 18395, 10 May 1923, Page 7
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